In market corrections, defensive stocks become popular choices. It’s only natural. Defensive stocks lose less than the overall market.

At least that’s the way it’s supposed to be.

But in recent years, the old playbook on so-called defensive plays has changed.

Utilities, for instance, don’t act much like utilities anymore.

Since late October 2002, when the bear market bottomed, IBD’s Utility-Electric Power industry group and Utility-Gas Distribution group have outperformed the Nasdaq.

That little fact could win some bar bets.

While the Nasdaq gained about 74% in that period, the electric utilities gained 90% and the gas utilities advanced 82%. Only the Utility-Water Supply group’s 48% gain trailed the Nasdaq.

On that basis, it might be said that utilities are no longer primarily defensive plays. Those holdings can drive a portfolio up the field and score solid gains.

Yet utilities still can play some pretty good defense, too.

Since the Nasdaq’s recent peak on Halloween, the tech-heavy index has turned in a scary minus-19% performance.

Meanwhile, gas utilities corrected just 4%. And electric utilities shaved off 9%.

The gas sector’s 4% dip is a classic defensive-play performance. (Though it should be noted that defensive plays generally can’t beat cash.)

The changed scene for utilities doesn’t mean the best of both worlds for income investors. Stocks in the group can differ radically.

Among the seven electric utility stocks with an EPS Rank of 85 or better, one offers no dividend, a second pays a stingy 0.9% yield, and a third’s 8.1% payout exceeds its current and projected annual earnings.